ITR Filing 2025: Big Update On Income Tax, Don’t Make These Mistakes While Filing ITR

The Central Board of Direct Taxes (CBDT) has released all Income Tax Return (ITR) forms for Assessment Year 2025–26 (FY 2024–25). These forms are updated as per the latest Finance Act. They include changes related to long-term capital gains (LTCG), foreign assets, and other capital gains.

Be Careful While Filing ITR

Taxpayers must fill the ITR form carefully. If you make mistakes, your return can be delayed or even rejected. You may also receive a notice from the Income Tax Department.

Match Income with AIS and 26AS

Make sure your income details match the information in Form 26AS, Annual Information Statement (AIS), and Taxpayer Information Summary (TIS). Any difference can lead to trouble.

Choose the Correct ITR Form

Select the right ITR form based on your income type. For example, salaried taxpayers earning up to Rs 50 lakh should use ITR-1. Business income or capital gains need different forms.

Declare All Sources of Income

Include all types of income, like interest from PPF, exempt agricultural income, or rent from property. Don't leave anything out, even if tax is not payable.

Report Investment Income

Declare interest from savings accounts, fixed deposits (FDs), and dividends. Just because TDS is deducted does not mean you can skip reporting them.

Claim Only Eligible Deductions

Claim only those deductions which you are eligible for under sections like 80C, 80D, and 80G. Always verify the amounts before filing.

Verify ITR After Filing

After submitting your ITR, verify it within 30 days. You can do it online or by sending the signed ITR-V form to CPC, Bengaluru.

Disclose Foreign Assets

If you have assets like foreign bank accounts or shares outside India, mention them clearly in your ITR form.

Don’t Ignore Advance or Self-Assessment Tax

Include all pre-paid taxes while filing. This helps avoid issues with tax due or wrong refund amounts.

Use the Latest ITR Form Only

Always download and use the latest version of the ITR form. Check all details before submitting the return.

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